The internet of things (IoT) market is expected to register a CAGR of 21% over the forecast period 2019 – 2024. With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, an increase in cloud platform adoption, the market is expected to grow at a positive rate.

The internet of things technology helps in connecting various smart devices together to ease the operation and sharing of data amongst themselves. There are various smart devices, such as sensors, smartphones, and wearables, which collect necessary data from the devices which are further utilized to enhance customer’s experience. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.

One of the most distinctive aspects of IoT is the increasingly personal nature of the information collected by these devices. Connecting automobiles to the network means that others can track the real-time vehicle movements and the manner in which they are being operated. The use of smart devices in homes can also reveal huge information about residents habits and the ways they live their lives. Attaching medical devices to the network can also yield an immense amount of sensitive information about people’s health care, which increases the demand for better network security solutions along with the device’s security, which is expected to drive the market forward.